InterDigital Inc (IDCC)

[frobinso]

You used to be required to have a salary under a certain threshold in a given year to make the conversion from traditional to Roth, atone time it was 95,000 for an individual and has been gradually rising I think to around 110,000, and that may be on Adjusted Gross Income (sorry I would have to research a bit for the details).

I heard that recently, the Rich folks were given a HUGE tax break that will cost our country Billions of dollars in the a growing pot of defferred revenue (all the combined traditional IRA's owned by the wealthy), by eliminating that salary restriction for a one time shot over I believe the next five years to provide them an opportunity to convert all of their traditional IRAs over to a tax free ROTH account simply by paying their snapshot tax hit now instead of later (post growth). Those opposed to the bill it was tacked onto say that congress pissed away billions of future tax revenues for the short term influx of tax revenue it will create over the next five years.

I am sure many of the accountants could elaborate in much more detail, and sorry for not being to provide that level of detail